A crypto treasury company focused on Ethereum, led by former Huobi founder Leon Li, launched a $1 billion private investment in public equity (PIPE) offering, CoinList reports. The offering includes one-for-one warrants exercisable at a 50% premium to the issuance price, with PIPE pricing at approximately 0.88 times modified net asset value. Early Asian Ethereum backers including Fenbushi Capital co-founder Shen Bo, HashKey Group chairman and CEO Xiao Feng, and Meitu founder Cai Wensheng are involved in the venture.